US Stocks decline following Q1 earnings of Meta, IBM

US stock futures fell on Wednesday night after Meta Platforms reported its latest quarterly results, while traders also awaited the release of key economic data later this week. Futures tied to the Dow Jones fell 76 points or 0.2%, while S&P 500 futures slid 0.6% and Nasdaq 100 futures dropped 1%.

Meta plunged 15% in extended trading after the social media giant issued light revenue guidance for the second quarter. International Business Machines fell 8% after missing consensus estimates for its first-quarter revenue.

The market experienced mixed results on Wednesday, with rising Treasury yields placing downward pressure on stocks. The S&P 500 edged 0.02% higher, while the Nasdaq Composite added 0.1%. The 30-stock Dow lost 0.11%.

Traders will watch out for the first-quarter reading of the US gross domestic product, due at 8:30 a.m. ET Thursday. Economists polled by Dow Jones expect real GDP came in at 2.4%. March’s personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge, will be issued on Friday, with economists calling for a monthly increase of 0.3% and a jump of 2.6% from a year earlier.

Companies set to report earnings before Thursday’s opening bell include Caterpillar, Honeywell, Northrop Grumman, American Airlines, Comcast, Merck, and Bristol-Myers Squibb. There is a good chance that the S&P 500 could rise to 5,500 by year’s end, with the broader market index closing at 5,071.63. Semiconductor stocks are eyed by most investors for their potential to outperform and advance.